Speculative investor behavior and learning

被引:132
作者
Morris, S
机构
基金
英国经济与社会研究理事会;
关键词
D O I
10.2307/2946709
中图分类号
F [经济];
学科分类号
02 ;
摘要
As traders learn about the true distribution of some asset's dividends, a speculative premium occurs as each trader anticipates the possibility of reselling the asset to another trader before complete learning has occurred. Small differences in prior beliefs lead to large speculative premiums during the learning process. This phenomenon helps explain a paradox concerning the pricing of initial public offerings. The result casts light on the significance of the common prior assumption in economic models.
引用
收藏
页码:1111 / 1133
页数:23
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